×
You will be redirected back to your article in seconds

Alibaba Pictures Cuts Losses to $22 Million

Alibaba Pictures Group, the film services and production division of Chinese e-commerce giant Alibaba, saw its revenues increase by 29% in the six months between April and September. Its net losses decreased.

Revenues increased from RMB1.18 billion to $220 million (RMB1.53 billion) in the period reflecting growth across its three business units: Internet-based promotion and distribution; content investment and production; and merchandizing.

Losses at the operating level were essentially unchanged at $61.0 million (RMB424 million). But the group benefited from $37.7 million (RMB262 million) of net financial income and was able to show net losses reduced from RMB431 million to $22.2 million (RMB154 million).

Revenues at the online ticketing platform Taopiaopiao were swelled by the overall growth of the Chinese box office, and its own expanded market share. The group says that it also managed to reduce the unit’s marketing costs by 17%.

Alibaba Pictures also had a hand in hit films “Dying to Survive,” “Hello Mr Billionaire,” and Mission: Impossible – Fallout” either as a distributor or investor. The content production unit enjoyed an 83% surge in revenues, to $44.8 million (RMB311 million,) driven by licensing of TV shows including “SCI” and “Gossip High” to streaming platforms iQiyi and (Alibaba-owned) Youku. Its upcoming slate includes animated film “Peppa Celebrates Chinese New Year,” for release in February 2019.

“The company “upheld its strategy of ‘data + ecosystem’ to build an end-to-end value chain that covers content production & development, promotion & distribution, merchandising realization and financial services, and to launch high-quality content with influential and positive energy, and continue to empower industry partners to continue to provide joyful entertainment content for consumers,” said Alibaba Pictures chairman and CEO, Fan Luyuan. “Alibaba Pictures will continue to help the traditional film industry to enhance efficiency to accelerate its industrialization process.”

With its shares – listed in both Hong Kong and Singapore – trading at HK$1.07, the company has a market capitalization of $3.49 billion (HK$27.3 billion).

More Biz

  • Director Dean DeBlois and online game

    'Dragon' Director Dean DeBlois and PUBG's CH Kim to Keynote 2019 VIEW Conference

    Dean DeBlois, director and executive producer of DreamWorks Animation’s “How to Train Your Dragon: The Hidden World,” and PUBG Corporation CEO CH Kim are the first keynote speakers announced for the 2019 VIEW Conference in Turin, Italy, in October. Since it began 12 years ago, VIEW, which stands for Virtual Interactive Emerging World, has continually [...]

  • Harvey Weinstein

    Harvey Weinstein Accusers Near Settlement in Bankruptcy Case

    Attorneys in the Weinstein Co. bankruptcy case say they are getting close to reaching a settlement that would compensate Harvey Weinstein’s sexual misconduct accusers. The company went bankrupt last year, as it faced hundreds of millions of dollars in debt and numerous civil suits on behalf of Weinstein’s alleged victims. The company sold to Lantern [...]

  • Ari Emanuel Endeavor

    Endeavor IPO Filing Offers Details of Company's Financials, Leadership Pay Packages

    Endeavor’s IPO filing Thursday offers a hard look at the company’s financial performance during the past three years during a period of rapid growth for the company that’s home to UFC, WME, Professional Bull Riders and a clutch of other assets. Endeavor is generating solid free cash flow from operations and healthy adjusted earnings for [...]

  • Rolling Stones Give up 'Bittersweet Symphony'

    Rolling Stones Give 'Bittersweet Symphony' Songwriter Royalties to the Verve's Richard Ashcroft

    UPDATED: Nearly 22 years after the Verve’s “Bittersweet Symphony” was released, the Rolling Stones’ Mick Jagger and Keith Richards have assigned to Richard Ashcroft the songwriter royalties and rights from the song, which samples one of their compositions, and removed their writing credits. The news was first reported by the BBC and New Musical Express. [...]

  • Pamela Anderson

    Pamela Anderson Fears Julian Assange 'Won't Survive' Extradition to U.S.

    After previously speaking out in support of her friend and WikiLeaks founder, Julian Assange, Pamela Anderson doesn’t think he would survive an extradition from the U.K. to the U.S. “I hope he gets out of there, but I don’t think he’ll survive extradition. It can’t happen. It’s not even an option. We can’t have him [...]

  • Jane Austin SAG AFTRA

    SAG-AFTRA Secretary-Treasurer Jane Austin Running for President

    Jane Austin, the National Secretary-Treasurer of SAG-AFTRA, has become the third candidate for the presidency of the performers union, joining incumbent Gabrielle Carteris and Matthew Modine. Austin is running as an independent for the top post at SAG-AFTRA, which has 160,000 members. Carteris will seek re-election as the head of the ticket for the Unite [...]

  • Endeavor

    Endeavor Group Holdings Files for Initial Public Offering

    Endeavor Group Holdings, the parent company of talent agency WME, has filed to go public in a development that has long been expected. The company, which filed a Form S-1 with the Securities and Exchange Commission on Thursday, plans to list on the New York Stock Exchange under the ticker “EDR.” The number of shares [...]

More From Our Brands

Access exclusive content